Use this calculator to generate an estimated amortization schedule for your current mortgage. Quickly see how much interest you could pay and your estimated principal balances. You can even determine the impact of any principal prepayments! Press the 'Report' button for a full yearly or monthly amortization schedule. Show
© GreenPath, Inc. All Rights Reserved. 36500 Corporate Dr. Farmington Hills, MI 48331 Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. Calculate how much your mortgage payment could be each month.This mortgage payment calculator gives you an estimate.This mortgage payment calculator provides customized information based on the information you provide. But, it assumes a few things about you. For example, that you’re buying a single-family home as your primary residence. This calculator also makes assumptions about closing costs, lender’s fees and other costs, which can be significant. Take the next stepUnderstand your monthly mortgage payment.Your monthly mortgage payment depends on a number of factors, like purchase price, down payment, interest rate, loan term, property taxes and insurance. Purchase pricePurchase price refers to the total amount you agree to pay to the property’s seller. This amount is typically different from your loan amount, since most lenders won’t loan you the full amount of a property’s purchase price. Calculator assumption: single-family homeThis mortgage payment calculator assumes that you’re buying a single-family home as your primary residence. What can you afford?Our mortgage affordability calculator can give you an idea of your target purchase price. You can make the calculation based on your income or how much you’d like to pay per month. Get prequalified.Are you ready to start taking steps toward a new home? If your answer is yes, get an estimate of what you may be able to borrow in just a few minutes. Down paymentA down payment is the cash you pay up front when you buy a home. The larger your down payment, the less you’ll need to borrow and pay in interest. Calculator assumption: 20% down paymentThis mortgage payment calculator assumes that you have a 20% down payment, unless you specify otherwise. If you have less than a 20% down payment, you may have to pay private mortgage insurance (PMI), which would increase your monthly mortgage payment. How much will you put down?Want to see how much your down payment amount can affect your mortgage over time? Our down payment calculator can give an idea of your ideal down payment. Start saving for a down payment.When you’re ready to buy a home, a higher down payment can save you money in the long run. If you plan to buy in the near future, setting money aside now can only help. Reach out to a mortgage loan officer.If you’re ready to have a conversation about your mortgage options, a professional mortgage loan officer is just a phone call or an email away. Interest rateThe interest rate is the amount of money your lender charges you for using their money. It’s shown as a percentage of your principal loan amount. Understand your credit score.Credit score is a pretty big deal when it comes to buying a home. The higher your credit score, the better your chances are for approval and for better interest rates. Browse all mortgage products.U.S. Bank offers loans that meet almost every mortgage need, and our mortgage loan officers are ready to go to work for you. More tools and calculatorsToday’s mortgage ratesInterest rates vary depending on the type of mortgage you choose. See the differences and how they can impact your monthly payment. Fixed-rate mortgage calculatorFixed-rate loans offer a consistent rate and monthly payment over the life of the loan. They typically have 10-, 15-, 20- or 30-year loan terms, but other terms may be available.
Does mortgage calculator include taxes and insurance?The mortgage payment calculator can give you a reality check on how much you can expect to pay each month, especially when considering all the costs, including taxes, insurance and private mortgage insurance.
What is the average mortgage payment including taxes and insurance?A monthly mortgage payment includes the mortgage and interest on the loan, as well as escrow items such as homeowners insurance and property taxes, and any HOA fees. For new applicants in April 2022, the median mortgage payment was $1,889, according to the Mortgage Bankers Association (MBA).
How do you calculate mortgage amortization?Starting in month one, take the total amount of the loan and multiply it by the interest rate on the loan. Then for a loan with monthly repayments, divide the result by 12 to get your monthly interest. Subtract the interest from the total monthly payment, and the remaining amount is what goes toward principal.
Is paying off a 30 year mortgage in 15 years worth it?If your income and credit have improved, it might make sense to bid your 30-year mortgage goodbye and refinance your home to a 15-year mortgage. Refinancing to a 15-year mortgage will likely mean a higher monthly mortgage payment, but you'll save on interest in the long run.
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Mortgage amortization calculator with taxes and insurance
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